According to the latest Global Economic Conditions Survey (GECS) by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA), global economic confidence has improved slightly this quarter as high performance across Asia and Africa offset depressed confidence in the Middle East and the Americans.
The confidence was due to a sustained period of economic expansion since the global financial crisis. “This quarter’s GECS suggests that the global economy is enjoying a strong recovery. While the global picture is optimistic, it does hide variations, with some regions doing much better than others,” comments Narayanan Vaidyanathan, Senior Business Analyst at ACCA.
The GECS also shows that within the South Asia region, the two biggest economies that are set to grow strongly over the coming year is India and Pakistan. “Economic confidence across Asia Pacific is also strong, reaching a record high after three consecutive quarterly increases. The recovery in global demand, and subsequent improvement in export prospects, have created the fastest local levels of growth in several years,” Vaidyanathan.
In the US on the other hand, the survey paints a different picture. Business confidence has fallen as the administration continues to deal with challenges in pushing through healthcare reform, tax cuts and increase sin infrastructure spending. Canada has been the most optimistic part of the North America and Caribbean region over the last quarter.